The income tax department and Goods and Services Tax Network (GSTN) signed an agreement to facilitate the exchange of data to nab tax evaders and reduce black money generation.

The move will allow the I-T department to verify the information filed by businesses in income tax returns, compared to the annual GST returns.

Both sides will decide on the modalities for “automatic”, “spontaneous” and “request based” exchange of data.

The I-T department will share key financial information, including the status of I-T return filings, turnover of the business, gross total income, and turnover ratio among others with GSTN.

The MoU shall also include different modalities such as confidentiality, timings, secure preservation, disposal after use, related to the exchange of data, the circular issued by the central board of direct taxes.

India Ratings & Research (A Fitch Group Company) has lowered the country’s growth forecast for the current fiscal to 7.3%, (earlier projection of 7.5 %).

The agency has listed three key reasons for lowering its projection.

Prediction of lower-than-normal monsoon for 2019 and the continued agrarian distress.

The loss of momentum in the industrial output growth, especially manufacturing and electricity, is likely to hurt growth.

The slow progress in cases referred to the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016, for resolution of the non-performing assets of the banking sector becoming a long-drawn-out process.

Source- The Hindu Business Line

4. SEBI Fines NSE Over Rs 625 crore in Co-location Scam

Markets regulator SEBI directed National Stock Exchange (NSE) to pay more than Rs 625 crore in the case of misuse of its co-location facility.

In Meghalaya, the Geological Survey of India (GSI) North Eastern Region (NER) installed two geological display boards at two important geological sites in the State with geo-scientific information which will help in creating awareness among visiting tourists, students and the general public.

The boards are unveiled at Mawmluh cave and Therriaghat, Sobhar in East Khasi Hill District.

Mawmluh cave made headlines earlier as high resolution stable isotopic studies of the stalagmites from the cave have shown that there was a major climatic event about 4200 years ago.

The stalagmite in the Mawmluh cave has been tagged a Global Stratotype Section and Point (GSSP) which is the first formally ratified marker of a geological time period in India.

The Um-Sohryngkew (Wahrew) river section at Therriaghat is known for having the most complete records of the Cretaceous-Palaeogene (K-Pg) boundary transition in India.

Source: AIR News

7. India 4th Biggest Military Spender in 2018: SIPRI report

According to the latest report from the Stockholm International Peace Research Institute (SIPRI), India was the world’s fourth biggest military spender in the year 2018 behind the United States, China, and Saudi Arabia.

The global military spending is 2.1% of the world GDP.

The US spending went up by 4.6% to reach USD 649 billion in 2018.

China went 5% more to reach USD 250 billion, which is 10 times higher than the amount spent by Beijing in 1994.

India accounts for 3.7% of the global defence spending.

Note:

Stockholm International Peace Research Institute (SIPRI) is an international institute based in Sweden, dedicated to research into conflict, armaments, arms control and disarmament.

List by the Stockholm International Peace Research Institute 2019 Fact Sheet (for 2018)

Rank

Country

Spending (US$ Bn.)

% of GDP

1.

United States

649.0

3.2

2.

China

250.0

1.9

3.

Saudi Arabia

67.6

8.8

4.

India

66.5

2.4

5.

France

63.8

2.3

National Appointment

8. Dilip Kumar appointed as Officer on Special Duty in the office of Lokpal

Senior IAS officer Dilip Kumar (1995-batch: Punjab cadre) has been appointed as the Officer on Special Duty (OSD) in the office of Lokpal for a period of six months.

It is perhaps the first official appointment of a bureaucrat in Lokpal.

For in-depth conceptual clarity in all topics for SBI Clerk & PO 2019 exam in Hindi, take a look at SBI PRO Course 2019 (हिंदी). Prepare with expert faculty who have vast teaching experience for CAT and Banking exams. This is the best possible utilisation of your time to get ready for the exam. Your medium should not be a hindrance in your success. Enrol Now.

For more details, call on 9650052904 or follow the link below. You can also send us an email at [email protected]